Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Republic Services is one of the highest-quality oligopoly businesses in the United States — a dominant non-cyclical compounder in non-hazardous solid waste with extraordinary moats, conservative and disciplined management, and remarkably predictable economics. We have studied this business for years and admire it greatly. The trouble, as is often the case with wonderful businesses, is the price. After a multi-year rerating of the waste oligopoly's earnings multiple, RSG trades near 33× forward earnings and roughly 19× EBITDA — multiples that price in flawless execution and offer no margin of safety. Charlie's old line applies: "A great business at a fair price is superior to a fair business at a great price." This is a great business at a generous price. We'd love to own it; we'd love it more 25–30% lower.
Recent filings analysed: 10-Q (2026-08-07), 8-K (2026-08-06), 8-K (2026-07-30), 8-K (2026-06-24).
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